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Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant...
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result has been a succession of bubbles and crashes, including the worldwide stock market bubble and great crash of 19 … market bubbles and its ensuing “lost decades”, the emerging markets bubbles and crashes in 1994 and 1997, the LTCM crisis of … 1998, the dotcom bubble bursting in 2000, the recent house price bubbles, the financialization bubble via special …
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